$RCEL
AVITA Medical, Inc.

2020 Q3 Form 10-Q Financial Statement

#000119312520290149 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $5.060M $3.250M
YoY Change 55.69% 1108.18%
Cost Of Revenue $929.0K $619.0K
YoY Change 50.08% 166.81%
Gross Profit $4.131M $2.631M
YoY Change 57.01% 7010.81%
Gross Profit Margin 81.64% 80.95%
Selling, General & Admin $11.57M $6.521M
YoY Change 77.38% 36.77%
% of Gross Profit 280.0% 247.85%
Research & Development $3.374M $1.819M
YoY Change 85.49% -7.76%
% of Gross Profit 81.68% 69.14%
Depreciation & Amortization $211.0K $66.00K
YoY Change 219.7%
% of Gross Profit 5.11% 2.51%
Operating Expenses $14.94M $8.340M
YoY Change 79.15% 19.88%
Operating Profit -$10.21M -$3.658M
YoY Change 179.22% -27.68%
Interest Expense $7.000K $11.00K
YoY Change -36.36% 83.33%
% of Operating Profit
Other Income/Expense, Net $4.000K $103.0K
YoY Change -96.12% 178.38%
Pretax Income -$10.22M -$3.566M
YoY Change 186.51% -29.06%
Income Tax $10.00K $0.00
% Of Pretax Income
Net Earnings -$10.23M -$3.566M
YoY Change 186.79% -29.16%
Net Earnings / Revenue -202.11% -109.72%
Basic Earnings Per Share $0.48 -$0.19
Diluted Earnings Per Share $0.48 -$0.19
COMMON SHARES
Basic Shares Outstanding 21.50M 18.72M
Diluted Shares Outstanding 21.50M 18.72M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.75M
YoY Change
Cash & Equivalents $65.75M $15.30M
Short-Term Investments
Other Short-Term Assets $106.0K
YoY Change
Inventory $1.657M
Prepaid Expenses $850.0K
Receivables $2.360M
Other Receivables $371.0K
Total Short-Term Assets $71.40M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.349M
YoY Change
Goodwill
YoY Change
Intangibles $403.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00K
YoY Change
Total Long-Term Assets $4.023M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $71.40M
Total Long-Term Assets $4.023M
Total Assets $75.42M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.570M
YoY Change
Accrued Expenses $4.140M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.00K
YoY Change
Total Short-Term Liabilities $7.720M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.210M
YoY Change
Total Long-Term Liabilities $2.210M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.720M
Total Long-Term Liabilities $2.210M
Total Liabilities $9.931M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$205.1M
YoY Change
Common Stock $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.49M $17.96M
YoY Change
Total Liabilities & Shareholders Equity $75.42M
YoY Change

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$10.23M -$3.566M
YoY Change 186.79% -29.16%
Depreciation, Depletion And Amortization $211.0K $66.00K
YoY Change 219.7%
Cash From Operating Activities -$7.713M -$4.881M
YoY Change 58.02%
INVESTING ACTIVITIES
Capital Expenditures $209.0K $86.00K
YoY Change 143.02%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$296.0K -$152.0K
YoY Change 94.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000K -17.00K
YoY Change -76.47%
NET CHANGE
Cash From Operating Activities -7.713M -4.881M
Cash From Investing Activities -296.0K -152.0K
Cash From Financing Activities -4.000K -17.00K
Net Change In Cash -7.886M -5.072M
YoY Change 55.48%
FREE CASH FLOW
Cash From Operating Activities -$7.713M -$4.881M
Capital Expenditures $209.0K $86.00K
Free Cash Flow -$7.922M -$4.967M
YoY Change 59.49%

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CY2019Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
154000
CY2020Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
30000
CY2020Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
545000
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21623287
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q3 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
119000
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
483000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
70000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
67000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
21000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
21000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
21000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
173000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
373000
CY2020Q3 rcel Lease Deposits Current
LeaseDepositsCurrent
98000
CY2020Q2 rcel Lease Deposits Current
LeaseDepositsCurrent
123000
CY2020Q3 dei Document Type
DocumentType
10-Q
CY2020Q3 dei Amendment Flag
AmendmentFlag
false
CY2020Q3 dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
CY2020Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2020Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2020Q3 dei Document Transition Report
DocumentTransitionReport
false
CY2020Q3 dei Entity Registrant Name
EntityRegistrantName
Avita Therapeutics, Inc.
CY2020Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001762303
CY2020Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2020Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020Q3 dei Entity Small Business
EntitySmallBusiness
false
CY2020Q3 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q3 dei Trading Symbol
TradingSymbol
RCEL
CY2020Q3 dei Security12b Title
Security12bTitle
Common Stock, par value $0.0001 per share
CY2020Q3 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2020Q3 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2020Q3 dei Entity Shell Company
EntityShellCompany
false
CY2020Q3 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2020Q3 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
23000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21623287
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21467912
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q3 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
0
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2020Q3 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
0
CY2020 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
0
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-10227000
CY2020Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2019Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2020Q3 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21467912
CY2020Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
21623287
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5072000
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
1000
CY2019Q3 us-gaap Interest Paid Net
InterestPaidNet
5000
CY2020Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts including doubtful accounts, carrying value of long-lived asset, the useful lives of long-lived assets, inventory, accounting for income taxes and share-based compensation and related disclosures. Estimates have been prepared on the basis of the current and available information. However, actual results could differ from estimated amounts. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3538
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1638
CY2020Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations </div></div></div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, and trade and other receivables. As of September&#160;30, 2020, and June&#160;30, 2020, substantially all of the Company&#8217;s cash was deposited in accounts at financial institutions, and amounts exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash is held. </div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of September&#160;30, 2020 and June&#160;30, 2020, no single customer accounted for more than 10% of net accounts receivable. For the three months ended September&#160;30, 2020, no single customer accounted for more than 10% of total revenues. For the three months ended September&#160;30, 2019, one customer accounted for 13% of total revenues. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M27D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0750
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
7000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
11000
CY2019Q3 rcel Inventory Impairments
InventoryImpairments
53000
CY2020Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
271000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
21778
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1260524
CY2020Q3 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">10. Contingencies </div></div></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of September&#160;30, 2020 and June&#160;30, 2020, the Company did not have any outstanding or threatened litigation that would have a material impact to the financial statements. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1233570
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
595700
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-3566000
CY2020Q3 rcel Stock Issued During Period Value Vesting Of Rsu Options
StockIssuedDuringPeriodValueVestingOfRsuOptions
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7886000
CY2020Q3 rcel Description Of Stock Exchange Ratio
DescriptionOfStockExchangeRatio
This exchange was conducted on the basis of one share of common stock of AVITA Therapeutics for every 100 ordinary shares of AVITA Medical, effecting an &#8216;implicit consolidation&#8217; or &#8216;reverse split&#8217;. The holders of ordinary shares of AVITA Medical received one CDI for every 20 ordinary shares held in AVITA Medical, and the holders of AVITA Medical ADSs (each of which previously represented 20 ordinary shares in AVITA Medical) received one share of common stock in AVITA Therapeutics for every five ADSs held.
CY2020Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
42000
CY2019Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid

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